59. What is gold used for?
Due to the versatile and special properties of gold, there are several valuable applications for this expensive precious metal. We can think of, among other things:
- jewelry;
- coins;
- investment;
- industry;
- space travel;
- dentistry;
- Cancer research.
Jewelry
Most of the gold supply is processed into jewelry. The processing of gold can be used for jewelry due to its softness. In addition, gold has a durable shine, a special color, is not subject to corrosion and functions as a status symbol. By using other metals in the gold, it is possible to create other colors, such as red gold and white gold. The processing of gold in jewellery was already done in the 26th centurye century B.C. B.C. in Egypt.
Gold is also an excellent precious metal for gilding jewelry or other objects. Gold can be rolled very flat, so relatively little gold is needed for this.
Mint
Due to its durable properties and the link of gold to its monetary value, gold has been widely used in coins. The well-known example of this is the Dutch golden tenner.
After the gold standard was abandoned by many countries and the scarcity of gold made its application in coins costly, most countries switched to other metals. In today's day and age, gold is mainly used in investment coins. Many old coins are now used as investment coins, as the gold value in the coin is significantly higher than the face value.
Investment
An important function of gold in this day and age is to use it as an investment method. Broadly speaking, two motivations can be distinguished:
- classic investment; Creating profits through the rise in the price of gold
- asset protection; Due to the confidence in the value of this precious metal, this is an alternative to absorb inflation, for example.
Investing in gold is done by investing in Gold bars, old used gold coins and 'specific' investment coins. The basis for this is the amount of gold that a coin contains, although the investment coins are also legal tender. This payment value is considerably less than the gold value in the coin. Common gold investment coins are the African Krugerrand, the Canadian Maple Leafs and the Austrian Philharmoniker.
Industry
Because gold is not subject to corrosion and is also a good conductor for heat and electricity, gold can also be used excellently in industry. It is used in many electronic components. The downside is that gold is a relatively expensive application. Well-known applications of gold are mobile phones.
Space travel
A special property of gold as a precious metal is that gold reflects ultraviolet radiation well. Gold is therefore also used in space travel. Examples of this are the use in heat shields on satellites and in the sun visor of space suits.
Dentistry
Gold is also widely used in crowns and bridges. Nowadays there are also good alternatives. An advantage of gold in this application is that it is strong and wear-resistant. The gold is not subject to corrosion.
Cancer research
More and more research has been done to use gold against cancer. By linking gold rods to antibodies and binding them to the tumor cells, laser pulses can be used to trace where the cancer cells are located in the body. The gold bars can then even be used to destroy the tumor, as the gold bars can be quickly heated with infrared. This application is still in its infancy.
